With gold and silver surging, today James Turk warned King World News that the world is about to see another major banking crisis. Turk also spoke about why the metals were so strong today, as well as what investors should be doing to prepare themselves for the coming big banking crisis.

Turk: “Gold has now risen two weeks in a row, Eric, and with the strong showing today, maybe it will end this week by scoring three in a row. That would be a very positive development. The really important point is that gold and silver are steadily moving further away from the low made on Monday, May 20th, as evidenced by their short-term moving averages.

You will recall that both precious metals opened lower that day and sold off badly before putting in a remarkable upside reversal as the day wore on. That day had all the earmarks of a selling climax in both gold and silver, so it could prove to be an important turning point and if so, the end of this long correction in the precious metals which would be a welcomed relief....

With gold, silver and Uranium stocks being out of favor one must decide if this is a problem or an opportunity. We have steadfastly refused to buy gold and silver mining stocks for the last two years and as evidenced by the HUI we feel that our decision to hold back has been vindicated. The damage done to the mining sector may not be over yet but this demise is starting to offer up some exciting opportunities in my view.

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